Beneficiaries missed 2021 RMDs ,when the IRA owner pass away
What are the circumstances ,the IRS issued ,in waiving the penalties for beneficiaries in 2021 for not taking the required RMD’S upon the death of the original IRA owner?
What are the circumstances ,the IRS issued ,in waiving the penalties for beneficiaries in 2021 for not taking the required RMD’S upon the death of the original IRA owner?
Permalink Submitted by Alan - IRA critic on Mon, 2023-07-31 16:10
The owner’s year of death RMD was due by 12/31/2021 if not taken earlier by the owner. This RMD should be completed ASAP, and a 2021 Form 5329 should be filed requesting that the penalty be waived for “reasonable cause”. These are not beneficiary RMDs, which for certain 10 year rule situations were waived by the IRS for 2021-2023. Those waivers do not apply to the owner’s year of death RMD.